In the world of loan modifications, the big bad boys (e.g. B of A, Chase) have been not too friendly or cooperative with many loan mods applications. Yes, of course, everyone can play blame the investor but, of course, that only increases the venting that many homeowners now need after they or their counselors submit, resubmit and re-re submit the info to the servicers.
The reason that these loan mods often take so long (or don’t occur at all) looms in the background, or that investor behind the curtain. If the servicer can’t work the loan mod with the current investor (doesn’t fit their guidelines) then they must find one who will take on the mod. That search is often why they servicers often take months to respond. And months.
Coming back to Chase, one knowledgeable loan mod counselor at one of the non profit agencies that we deal with mentioned that Chase is being more lenient and approachable in approving loan mods (right now people) so any of you with a Chase loan mod, run don’t walk to get that Chase loan mod. Word is that Chase wants to get many of these bad loans off of their books before the year is up.
Good luck in chasing down the man behind the curtain.
Photo by by epicharmus.